It's not secret that the business of law is notorious for being behind the curve of digital adoption and transformation. In Gartner's recent study of legal tech trends, Zack Hutto, Director, Advisory, at Gartner noted that “Legal and compliance teams have rarely been frontrunners to modernize, digitalize, and automate.” However, industry experts agree that legal tech is poised to become an integral part of the legal profession in 2023. According to a 2021 survey conducted by the American Bar Association, nearly two-thirds of lawyers reported that they plan to use technology more extensively in their practices in the next three years.
Law firms are increasingly turning to legal tech as a cost-saving measure, as well as a way to streamline processes and increase efficiency. Legal software can automate mundane tasks like document creation and filing deadlines, freeing up attorneys’ time for more important work. In addition, many law firms are investing in AI-powered tools designed to assist with legal research and data analysis.
The rise of eDiscovery services has also been a boon for the legal tech industry. Legal teams are leveraging these services to quickly identify, collect and analyze large volumes of electronically stored information (ESI) in civil and criminal cases. As attorneys become accustomed to using technology on an everyday basis, they’re beginning to realize just how powerful digital tools can be when used properly. This realization is paving the way for more sophisticated technologies — such as blockchain-based smart contracts — that promise even greater efficiency and accuracy. Here are the top 6 anticipated trends we've identified for legal tech in 2023: 1. Automation of document production and review: Law firms are increasingly relying on automation to improve their workflows, streamline processes and reduce costs. Document production and review is one area that could stand to benefit significantly from automated tools. AI-driven software like Kira Systems can be used to quickly identify information in documents, helping lawyers to save time and increase operational efficiency.
2. Increased adoption of collaborative platforms: The pandemic has accelerated the adoption of cloud-based technologies for legal work, such as virtual courtrooms and video conferencing solutions. Collaborative platforms like Google Docs, Microsoft Teams, Jira Software and Project Manager are becoming more popular among law firms as they enable teams to share documents securely and collaborate effectively without the need for physical meetings.
3. Data analytics and artificial intelligence: AI is becoming more commonly used in law firms as a way to quickly answer complex legal questions, analyze documents and generate legal insights that would be difficult to obtain manually. Data analytics solutions can also help lawyers better understand their clients’ needs and proactively predict trends in the industry.
4. Improved client experience: Law firms are increasingly looking for ways to improve the customer experience by offering tools such as online portals, mobile apps and automated document processing systems. These technologies enable firms to process requests much faster, provide better customer service, increase convenience for clients, and streamline communications between attorneys and clients.
5. Automated contract management: Contract management software is becoming more popular among law firms as it helps to manage contracts throughout their lifecycle, from initiation to renewal. Automated contract management systems can be used to generate and store contracts, track deadlines, manage changes, and provide instant access to important documents.
6. Enhanced security: As data breaches become progressively more common, law firms need to ensure that their client’s confidential information is secure and protected from unauthorized access. Legal technology companies are offering a range of solutions such as blockchain-based authentication systems and machine learning-enabled malware detection tools that can help firms protect sensitive data more effectively and have peace of mind.
The legal industry is rapidly evolving as it embraces new technologies. By keeping an eye on these trends in 2023, law firms will be able to stay ahead of the curve and better serve their clients with state-of-the-art solutions. At CoreTech, we provide leasing and financing services to help law firms stay competitive by funding technology investments while cutting IT costs, streamlining operations and keeping your department on budget while optimizing your IT spend. If you have a lease already, check out our lease cost analyzer. We will give it a close look to make sure there are no-gotcha clauses or fees. It's free with no obligation! Visit https://www.coretechleasing.com/services to get started!
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